Oil prices surge as Opec claims it is powerless to intervene
By Philip Thornton
05 April 2002
Oil prices soared back to six-month highs yesterday as Opec, the oil producers' cartel, said it was powerless to control a speculative surge on the back of the crisis in the Middle East.
Ali Rodriguez, the secretary-general of Opec, said that current levels of crude oil supply by the 10 member nations were "satisfactory". "We have to wait and see the situation because if we increase production now and the situation returns to normal maybe we can face a collapse of prices," he told BBC radio.http://www.independent.co.uk/story.jsp?story=281663 Iraq lobbies Arab world to cut oil exports to US
By Patrick Cockburn
05 April 2002
Iraq is once again presenting itself as the patriotic bastion of the Arab world by sending a draft resolution to the Arab League asking oil producers to cut off supplies to America inresponse to the military campaign being orchestrated by George Bush to topple Saddam Hussein.
Saudi Arabia and the Gulf states are unlikely to join any embargo, but the sense that the Middle East crisis is spiralling out of control is keeping oil prices at a six-month high despite weak consumption and high oil stocks.
Adam Sieminski, of Deutsche Bank Securities, said: "First Iraq and nowIsrael/Palestine have added a $6 [�4] a barrel to oil pricesbeyond what we think supply, demand and inventories warrant." North Sea Brent hit a six-month high of $27.68 a barrel on Tuesday, having risen from $20 at the beginning of March.
What really gets me mad and discussed is that our leaders since the Arabs did this first back in the early 1970's have still got us on oil. Both parties in all offices still have us dependent and having wars over oil. Let them keep leading us and 30 some years from now we'll still under the mercy of the Arab and opec oil people. Write these guys and if they don't change and get us off oil get rid of them in november all of them!